Nifty drops below 5200. Metals and Banks give up

Markets have seen a dip, taking the Nifty well below the 5200 level. Stocks from the metal and banking sectors have seen sharp cuts, driving the indices lower. The Asian markets had witnessed a sharp session in the red during the trade on Thursday.

AT 10:22 AM, the Nifty stands at 5175, down by 45 pts or -0.9%.

Tata steel is the top loser with a cut of over 4.2%. The stock has witnessed cuts in the wake of disappointing results that were announced. Hindalco, from the same pack, has seen a cut of 3.3%. SAIL is down by 2.2%. Sterlite is down by 1.8%. JSW Steel is down by 2.8%.

ICICI Bank has also dropped by 4%. The stock is currently trading at 828.50, after losing 33 rupees from the previous close. PSU Banking major SBI is down by over 1.8%. This stock had seen a severe hammering during Wednesday’s trading session. PNB is down by 1.3%.

Other major stocks on the decline include Unitech – down by 3%, LT -down by 1.9%, Suzlon energy – which is also down by 1.2%.